HYDERABAD: It was a pink Friday at Satyam Computer Services, as over 10,000 employees of the beleaguered IT firm were preparing for an unhappy
holiday. Over one fourth of Satyam’s workforce was a part of the virtual pool, an exercise implemented by its new owner Tech Mahindra to downsize the excess staff.
The Pune-based IT firm had announced a plan to send the excess staff on a sabbatical to address higher staff costs, which account for more than half of the company’s expenses currently. The pool constitutes of about 14,000 associates, who were on bench for the last three months.
The usual din at the Satyam headquarters was replaced by an unusual silence as anxious employees paced in and out of the campus.
ET spoke to associates from various bands categorised under the virtual pool. In a mail to the employees, the Satyam management asked to them to pursue other interests for the stipulated timeframe. These employees will now have to come to the company with a prior appointment even on a day-to-day basis.
All the associates are classified under bands with the ascending levels being S, T, B and I. “The management is not clear on the criteria for the classification. I was on the bench for the first time since I joined the company three years ago. We are left with no choice, as the job markets continue to remain cold. Not only this, we will not be able to bargain better salaries despite our experience,” said an employee from the T band.
Source - timesofindia.com
Filed under: Satyam , 000 Satyam staff, 10, IT Company, Satyam, Satyam Staff
India’s scandal-hit Satyam Computer Services is set to solicit bids from buyers, Chairman Kiran Karnik told CNN Wednesday.
“We hope to invite expressions of interest in the next few days,” he said.
The Hyderabad-based company is at the center of a massive corporate fraud case after its former chairman admitted to inflating profits with fictitious assets and non-existent cash.
Satyam aims to wrap up the entire bidding process in six weeks from the day it starts, Karnik said. But the company’s audited statement will not be ready anytime soon. Satyam would therefore share all other information it can legally with the bidders, he added.
The company’s stock plummeted after then-Chairman B. Ramalinga Raju confessed in January to padding company balance sheets. Raju, his brother — a former managing director — and Satyam’s chief financial officer face numerous charges, including criminal conspiracy.
The company is India’s fourth-largest software-services provider. It serves almost 700 companies, including 185 Fortune 500 companies, and generates more than half its revenue from the United States. It employs about 53,000 people and operates in 65 countries
Filed under: Satyam , sataym computer system, Satyam, scandel
February 17, 2009 • 5:15 pm
Merrill Lynch is shifting a majority of its contracts from troubled Indian software firm Satyam Computer Services Ltd (SATY.BO)(SAY.N) to rival Tata Consultancy Services (TCS.BO), the Economic Times reported on Monday.
The Merrill account contributed about $40 million to Satyam’s yearly revenues, the newspaper said, citing unnamed software industry sources.
“We do not comment on individual clients,” a Satyam spokeswoman told Reuters.
Satyam has been struggling for survival since founder Ramalinga Raju resigned in January, disclosing that accounts had been overstated and about $1 billion in cash and bank balances were missing, in India’s biggest corporate scandal. [ID:nBOM394323]
The paper said U.S.-based Merrill, part of Bank of America Corp (BAC.N), had sent a team in early February to assess the situation at Satyam’s headquarters, and had told the fraud-tainted outsourcer of its intention to hand over most of the IT services to another vendor.
Filed under: Satyam, Technology , merrill, Satyam, tcs
January 15, 2009 • 5:26 pm
Before i start writing on this topic. i just coonfirmed all the reader think after reading this post you will know the prestige of satyam is in our hand. so co-operate with satyam show their trust.
Its satyam reputation.
As the Official IT Services Provider to the 2010 and 2014 FIFA World Cups™, Satyam has developed the tournament’s intranet and extranet, and is managing the applications in addition to developing the core IT event-management system. Satyam is also handling accommodation and hospitality management, including that for local organizing committees in South Africa and Brazil, for the next seven years.
Now i just i wanna to aware the people original fact.
from last 2 years. Founder of Satyam Mr Raju investing satyam working capital in realty sector. intinally they are getting good response but now In this recession preiod when realty sector facing traffic unoccured sitution.
All the working capital is blocked due to this. All the satyam working capital lost.
There are no regulatory law against this type of illigal activity.
what would raju did, Audit dept head told Mr raju to invest some part of money in realty sector during that realty market on top of world.For this. without taking any permission with shareholder and investors, Raju plazed satyam shares in thr market and got crdit from the market which he invested in realty sector.
Due to huge cut out of realty prices and bo buyers in the market, all the money are blocked In mean while
People who have satyam shared sold in open market due to this satyam faces this problem.
So its my request it is did by Raju not by Sataym.please showing same faith which you are doing from last 10 years with satyam.
Filed under: Satyam , Mr Raju, Satyam
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